Notably, CFTC Commissioner Pham criticized the SEC for bringing this action, stating that it is “a striking example of ‘regulation by enforcement.’ could be described as utility tokens and/or certain tokens relating to decentralized autonomous organizations (DAOs).” Commissioner Pham instead suggested that these major issues should be solved “through a transparent process that engages the public to develop appropriate policy with expert input-through notice-and-comment rulemaking pursuant to the Administrative Procedure Act. Moreover, some of the digital assets at issue used novel issuance strategies compared to others which have previously been the subject of enforcement activities, and thus those arguments may be particularly complex. The defendants may argue the nine assets are not securities, which would defeat the securities fraud allegations, but in so doing would need to win a nine-front war.
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This complaint is unique in that none of the nine issuers of the alleged securities is a party to the complaint.
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The SEC alleged that nine of the crypto assets that Wahi and other defendants traded were “crypto asset securities”: AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX and KROM. District Court, Western District of WA against Wahi, a Coinbase employee, and two others alleging insider trading and charging them with securities fraud. On July 21, the SEC filed a complaint in the U.S.